Financial News
Deutsche Bank looked at merging with UBS: reportExternal Link

Deutsche Bank AG has looked at merging with UBS Group AG , according to an account by Reuters of a report in German business daily newspaper Handelsblatt. The daily cited people familiar with the matter, according to Reuters. The possible merger, along with a potential merger with Commerzbank AG, was a topic at Deutsche Bank's strategy meeting earlier this month, Handelsblatt said.

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Tue, 25 Sep 2018 21:02:00 GMT
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API data reportedly show a surprise rise in last week's U.S. crude suppliesExternal Link

U.S. oil prices headed lower in the electronic trading session Tuesday after the American Petroleum Institute reported that U.S. crude supplies rose by 2.9 million barrels for the week ended Sept. 21, according to sources. The API data also showed supplies of gasoline up 949,000 million barrels, but distillates fell by 944,000 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday. Analysts polled by S&P Global Platts expect the EIA to report a fall of 2.2 million barrels in crude supplies. They also expect supply gains of 256,200 barrels in gasoline and 667,000 barrels in distillates. November crude was at $72.01 a barrel in electronic trading, down from the $72.28 settlement on the New York Mercantile Exchange.

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Tue, 25 Sep 2018 20:43:45 GMT
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KB Home rallies more than 4% on company's earnings beatExternal Link

Shares of KB Home rose more than 4% in the extended session Tuesday after the home builder reported third-quarter per-share earnings well above Wall Street expectations. KB Home said it earned $87.5 million, or 87 cents a share, in the quarter, compared with $50.2 million, or 51 cents a share, in the year-ago period. Revenue rose 7% to $1.2 billion, from $1.1 billion a year ago. Analysts polled by FactSet had expected earnings of 77 cents a share on sales of $1.3 billion. "Our core homebuilding business continued to perform very well, as healthy demand in our served markets and effective execution on our distinctive customer-centric operating model drove revenue expansion, a 190-basis point improvement in operating margin, and a meaningful increase in net income," Chief Executive Jeffrey Mezger said in a statement. KB Home stock ended the regular session down 0.9%.

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Tue, 25 Sep 2018 20:42:06 GMT
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Former Bankrate CFO sentenced to 10 years in prisonExternal Link

The former chief financial officer of Bankrate was sentenced to 10 years in prison on charges of accounting and securities fraud, the Justice Department said. Edward DiMaria also was ordered to pay restitution of $21 million. DiMaria in June pleaded guilty to one count of conspiracy to making false statements to a public company's accountants, falsifying a public company's books, records and accounts, and securities fraud; and one count of making materially false statements to the Securities and Exchange Commission. Between 2010 and 2014, millions of dollars in unsupported expense accruals were purposefully left on Bankrate's books and then selectively reversed in later quarters to boost earnings, the Justice Department said. Bankrate is no longer public after being purchased in 2017.

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Tue, 25 Sep 2018 20:35:59 GMT
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Nike stock falls after company earnings top views, expenses riseExternal Link

Shares of Nike Inc. fell more than 2% in the extended session Tuesday after the retailer posted fiscal 2019 first-quarter earnings that were above expectations but said its expenses increased. Nike earned $1.1 billion, or 67 cents a share, in the quarter, compared with $950 million, or 57 cents a share, in the year-ago period. Revenues rose 10% to $9.9 billion, from $9.1 billion a year ago. Analysts polled by FactSet had expected Nike to report earnings of 62 cents a share on sales of $9.9 billion. Selling and administrative expense increased 7% to $3.1 billion, the company said, including "demand creation" expenses of $964 million, up 13%, driven by sports marketing investments, brand campaigns and key sports moments, the company said. "We are delivering stronger global growth and profitability than we anticipated entering this fiscal year," Chief Financial Officer Andy Campion said in a statement. Nike shares ended the regular session up 0.6%.

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Tue, 25 Sep 2018 20:30:12 GMT
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